The PCAOB is proposing to replace AS 2310, The Confirmation Process, in its entirety with a new standard, AS 2310, The Auditor’s Use of Confirmation. The purpose is to strengthen and modernize the requirements for the confirmation process. In doing so, the Board noted that AS 2310 is an important standard for audit quality and investor protection, as the audit confirmation process touches nearly every audit. However, the standard was initially written over 30 years ago and has had minimal amendments since its adoption by the PCAOB in 2003.
Review the press release and proposed new standard on the PCAOB's website.